Five instances when renters insurance can save the day

Five instances when renters insurance can save the day

Wouldn’t you sleep better at night knowing that your belongings are protected? For around the cost of a once-a-month pizza delivery you could save yourself a world of trouble if disaster strikes.

Renters insurance can help you in a number of ways. It provides coverage should your possessions get stolen or damaged in your rental apartment. Remember your landlord’s policy only covers the property itself and the common grounds, so you won’t be able to rely on that if your TV or computer for instance were destroyed by fire.

Here are five situations when you’ll be grateful you chose renter’s insurance.

In case of natural disasters. Our durability seems to be tested hard these days, with major calamities disturbing the tranquility of our homes and families. From fires in Arizona to thunderstorms in the Midwest, not to mention hurricanes menacing our coastal areas, these natural adversities can strip you of your belongings in an instant and without warning. Superstorm Sandy alone has caused as much as $60 billion in damage last year, with more than 6 million left homeless across the northeast and Mid-Atlantic States and more than 60 people dead, according to Time magazine.

When someone gets injured at your residence. Renters insurance policies include liability coverage and can help you save on legal expenses in the event of a lawsuit filed by someone who hurts himself while at your residence.

If you own valuables. You know that moment when you got your diamond engagement ring and felt like the luckiest woman in the world? Well, keep in mind that you might be robbed of your happiness in an instant if you’re not careful enough. Jewelry, art work and other valuable possessions may need additional coverage so make sure you check with your agent that you have adequate insurance for these precious items.

In case of loss due to fire, water damage, smoke or explosion. What if your apartment building were ravaged by fire? Would you be able to replace all of your stuff immediately, out of pocket? This is when your insurance policy kicks in. Rental insurance can insure full replacement value for your personal property and that of your neighbors; and it can also provide you with temporary living expenses over and above your normal living expenses if your apartment is covered in the loss.

When renting a place with others. As you and your new spouse combine households, or you move in with a roommate, you can purchase a single insurance policy to cover the value of your combined possessions. Your partner and up to three additional adults (over 18 yrs.) can be covered under one policy.

In addition, it would be recommended to create a home inventory so that you might have an idea about the value of your stuff. Take pictures to have a visual record of your possessions if you must, compile lists of your assets and jot down the estimated cost for replacing each item.